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Chip Eng Seng awarded $418.4 mil tender for Kampong Java site

Samantha Chiew

SINGAPORE (Jan 22): Chip Eng Seng Corporation announced that its wholly-owned subsidiary, CELH Development, has been awarded the tender for the land parcel at Kampoing Java Road at a tender price of $418.38 million by the Urban Redevelopment Authority (URA).

See: Chip Eng Seng bids $418.8 million for Kampong Java site

The site is located near Newton Circus, bounded by Bukit Timah Road, Makeway Avenue and Kampong Java Road. It is within walking distance to Newton MRT interchange station and Newton Food Centre.

In addition, the site is within close proximity to educational institutions, such as AngloChinese School (Junior), Anglo-Chinese School (Primary) and St Joseph’s Institution Junior.

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The acquisition of the site is not expected to have a significant impact on the group’s net tangible assets and earnings per share for the current financial year.

Shares in Chip Eng Seng last traded at 70 cents on Monday.